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Irish Continental revenues up

By BFN News | 09:48 AM | Thursday 28 August, 2014


Irish Continental Group reports strong revenue growth in the six months to the end of June following the introduction of the new roll-on, roll-off ship 'Epsilon'. Revenues rose by 8.1% to �?¬130.7m but operating profits fell by 18.8% to �?¬5.2m and pre-tax profits were 18.2% lower at �?¬2.7m. Earnings before interest, tax, depreciation and amortisation (EBITDA) were �?¬14.0m compared with �?¬15.8m in the corresponding period in 2013. On a like-for-like basis - i.e. excluding the newly introduced vessel 'Epsilon' - EBITDA was up �?¬1.2m on the prior year. Chairman John B. McGuckian said: "The introduction of the new ro-ro ship 'Epsilon' on the Dublin-Holyhead and Dublin-Cherbourg routes has allowed us to grow both our freight and tourism businesses substantially during the year to date. "I am particularly pleased with the growth in our ro-ro freight business, up 20% in volume terms year to date (23 August 2014) while car volumes also remain strong - up 8% year to date (23 August 2014). The increases in both flows of business vindicate our decision to incur the necessary start-up costs in providing this much needed capacity." At 9:48am: (LON:ICGC) Irish Continental Group PLC share price was +0.01p at 2.83p Story provided by StockMarketWire.com

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